MHG Hotels has acquired the Aloft Fort Lauderdale Airport for $33.3 million. The property, located at 501 Southeast 24th Street, consists of 138 rooms, which equates to nearly $241,000 per room.
The seller is linked to Green Park Management, a Boynton Beach-based firm led by John Costas. Records indicate that Green Park purchased the development site in 2020 for $3.3 million and secured a $31.7 million construction loan from Bank of America in 2021. Construction on the 14-story hotel was completed in 2024.
Both MHG Hotels and Green Park Management declined to comment on the transaction.
Aloft operates under Marriott International.
MHG Hotels, headquartered in Boca Raton and led by Sanjay Patel, has been active in hotel investment and development since its founding in 2001. The company’s portfolio includes more than 20 hotels across Florida, Indiana, Missouri, and Texas, with additional properties planned for the future. In recent years, MHG acquired several other properties in South Florida: it bought the Hampton Inn Boca Raton for $15.5 million in 2024 and previously purchased the Courtyard – West Palm Beach Airport for $20.5 million in 2023.
Hotel sales have been inconsistent throughout South Florida due to higher interest rates and increased costs such as insurance.
Other notable transactions include Steve Ross’s purchase of The Ben Hotel in West Palm Beach this month for $108.5 million and Bridgeton Holdings’ acquisition of the Sheraton Miami Airport Hotel near Miami Freedom Park for $67.5 million earlier this year. In Key Biscayne last year, Terra and Fortune International Group bought Silver Sands Beach Resort for $205 million with plans to redevelop it into a boutique condominium building.
